The U.S. Commodity Futures Trading Commission (CFTC) has reiterated its stance that a lower court "erred" in denying the agency's request to prohibit cryptocurrency-based prediction market Kalshi from offering election-related betting. The CFTC, in a written submission to an appeals court on Thursday, argued that Kalshi's election-based contracts, including those based on presidential election outcomes, should be curtailed. According to the regulator, Kalshi plans to introduce a parlay bet on election results, emphasizing the need to limit betting on political events.